India's stock of soured bank loans shrank slightly in the quarter to September last year, the first pullback since a drive to clean up record levels of bad debt began in 2015 and signalling that tighter rules and a new bankruptcy code may be starting to show results. Stressed loans - which include non-performing as well as restructured or rolled-over loans - eased 0.4% from 3 months earlier to Rs 9.46 lakh crore ($148.3 billion) at the end of September, according to unpublished central bank data reviewed by Reuters.
-Economic Times
The RBI is understood to have declined government’s demand for the additional dividend reported. It was earlier reported that the central government has sought Rs 13,000 crore additional dividend from the RBI. In August, the RBI had paid a dividend of Rs 30,659 crore for the fiscal ended June 2017 which was less than half the Rs 65,876 crore it had paid in 2015-16.
-Financial Express
The RBI has warned banks about cryptocurrencies, telling them to step up scrutiny of financial transactions by companies and exchanges involved in the trade of bitcoins and similar digital tender, said people aware of the matter.
-Economic Times
Usha Ananthasubramanian, MD & CEO, Allahabad Bank, has been elected as the first woman Chairman of Indian Banks' Association (IBA). Ms Usha was elected IBA Chairman for the year 2017-18 by its Managing Committee today. IBA Chairman's position was vacant following the superannuation of Jatinder Bir Singh, who was Chairman & MD of Punjab & Sind Bank, on December 31, 2017. Rajnish Kumar, Chairman, SBI was elected as Deputy Chairman of IBA for the year 2017-18.
-Business Line
PSBs have kick-started the review of their overseas operations by identifying 41 units for "rationalisation" as part of the larger reform process, a top official said today. Rationalisation could be in terms of consolidation of operations, trimming of staff strength, exiting some of the non-core and non-profit activities or closing down some of unviable overseas offices. "Many banks entered the overseas markets. This activity has to be looked into. Banks have started the process already and about 41 operations they have decided to rationalise," Financial Services Secretary Rajiv Kumar told.
-Economic Times
ICICI Bank predicts the nation's rate-cut cycle has ended and traders should brace for tightening in the coming months. "Reduction in the interest rate cycle has stopped now. We should be prepared for an increase over a period." CEO Chanda Kochhar said.
-Economic Times
The government’s Rs 88,139 -crore capital infusion in struggling PSBs should help in part to mitigate risks but resolution of bad assets and continued high credit costs hinder the sector’s near-term performance, Fitch Ratings said.
-Business Line
IMF chief Christine Lagarde today said the multilateral financial institution is looking into issues relating to crypto currencies to understand potential risks and benefits, even as the US made it clear it will not allow any illicit trade through this route.Speaking at a session on remaking of global finance at the World Economic Forum (WEF), US Treasury Secretary Steven Mnuchin said, "We will make sure cryptocurrencies are not used for illicit activities."
-Moneycontrol.com
As per the recommendations of the council, for the housing sector, there will be less incidence of GST for homes purchased under the Credit Linked Subsidy Scheme (CLSS). For under-construction homes that form a part of CLSS will now be charged GST at 8% instead of 12%, a cut of 4%.
-Economic Times
SBI Lifetoday announced the launch of a term policy with critical illness cover for 36 diseases. The critical illness cover increases as the term of the policy progresses over the years.
-Economic Times
LIC Mutual Fund has introduced a daily SIP scheme, a move which will help it achieve 30% growth in its SIP portfolio. Under the plan, LIC MF is offering investors the option to invest in SIPs with as low as Rs 300 per day which would be available in 5 equity schemes. These are LIC MF Equity Fund, LIC MF Growth Fund, LIC MF Midcap Fund, LIC MF Infrastructure Fund and LIC MF Index Fund.
-Business Line
The Ministry of Finance today said that one crore taxpayers have been registered under total revenue collections under GST. GST so far till 24th Jan, 2018, and the collections for the month of Dec 2017 was at Rs. 86,703 crores, as on 24th Jan 2018. Further, of the 1 crore taxpayers that have been registered under GST so far till 24th Jan, 2018 17. 11 lakh are Composition Dealers which are required to file returns every quarter.
-Financial Express
Petrol and diesel prices rose to fresh levels in Delhi and other cities in the country on Thursday. Petrol prices in the national capital were at Rs 72.49 per litre- the highest in over three years, data from the Indian Oil Corp showed. The previous record was Rs 72.51 in Aug 2014. Petrol price in Kolkata, Mumbai and Chennai was at Rs 75.19, Rs 80.39 and Rs 75.18 per litre respectively -- all 3-year highs.
-Economic Times
sGold prices soared R 350 to trade at over 14-month high of Rs 31,450 per 10 gram, tracking a firm trend overseas amid pick-up in buying by local jewellers. Silver regained the Rs 41,000-mark by jumping Rs 1,100 on increased offtake by industrial units and coin makers.
-Business Line
PSU bank stocks fell up to 7% on profit-booking a day after the government said it will infuse Rs 88,139 crore capital in 20 PSBs before March 31. Shares of Punjab National Bank tanked 7.07%, Syndicate Bank 6.92%, Bank of Baroda 6.09%, SBI 4.96% and Oriental Bank of Commerce 4.83% on BSE. SBI was the worst hit among the 30-Sensex constituents. Allahabad Bank fell 3.76%, Bank of Maharashtra 2.36%, Bank of India 2%, United Bank of India 1.11%, Central Bank of India 1%, Indian Overseas Bank 0.85% and Dena Bank 0.19%.
-Moneycontrol.com
-Economic Times
The RBI is understood to have declined government’s demand for the additional dividend reported. It was earlier reported that the central government has sought Rs 13,000 crore additional dividend from the RBI. In August, the RBI had paid a dividend of Rs 30,659 crore for the fiscal ended June 2017 which was less than half the Rs 65,876 crore it had paid in 2015-16.
-Financial Express
The RBI has warned banks about cryptocurrencies, telling them to step up scrutiny of financial transactions by companies and exchanges involved in the trade of bitcoins and similar digital tender, said people aware of the matter.
-Economic Times
Usha Ananthasubramanian, MD & CEO, Allahabad Bank, has been elected as the first woman Chairman of Indian Banks' Association (IBA). Ms Usha was elected IBA Chairman for the year 2017-18 by its Managing Committee today. IBA Chairman's position was vacant following the superannuation of Jatinder Bir Singh, who was Chairman & MD of Punjab & Sind Bank, on December 31, 2017. Rajnish Kumar, Chairman, SBI was elected as Deputy Chairman of IBA for the year 2017-18.
-Business Line
PSBs have kick-started the review of their overseas operations by identifying 41 units for "rationalisation" as part of the larger reform process, a top official said today. Rationalisation could be in terms of consolidation of operations, trimming of staff strength, exiting some of the non-core and non-profit activities or closing down some of unviable overseas offices. "Many banks entered the overseas markets. This activity has to be looked into. Banks have started the process already and about 41 operations they have decided to rationalise," Financial Services Secretary Rajiv Kumar told.
-Economic Times
ICICI Bank predicts the nation's rate-cut cycle has ended and traders should brace for tightening in the coming months. "Reduction in the interest rate cycle has stopped now. We should be prepared for an increase over a period." CEO Chanda Kochhar said.
-Economic Times
The government’s Rs 88,139 -crore capital infusion in struggling PSBs should help in part to mitigate risks but resolution of bad assets and continued high credit costs hinder the sector’s near-term performance, Fitch Ratings said.
-Business Line
IMF chief Christine Lagarde today said the multilateral financial institution is looking into issues relating to crypto currencies to understand potential risks and benefits, even as the US made it clear it will not allow any illicit trade through this route.Speaking at a session on remaking of global finance at the World Economic Forum (WEF), US Treasury Secretary Steven Mnuchin said, "We will make sure cryptocurrencies are not used for illicit activities."
-Moneycontrol.com
As per the recommendations of the council, for the housing sector, there will be less incidence of GST for homes purchased under the Credit Linked Subsidy Scheme (CLSS). For under-construction homes that form a part of CLSS will now be charged GST at 8% instead of 12%, a cut of 4%.
-Economic Times
SBI Lifetoday announced the launch of a term policy with critical illness cover for 36 diseases. The critical illness cover increases as the term of the policy progresses over the years.
-Economic Times
LIC Mutual Fund has introduced a daily SIP scheme, a move which will help it achieve 30% growth in its SIP portfolio. Under the plan, LIC MF is offering investors the option to invest in SIPs with as low as Rs 300 per day which would be available in 5 equity schemes. These are LIC MF Equity Fund, LIC MF Growth Fund, LIC MF Midcap Fund, LIC MF Infrastructure Fund and LIC MF Index Fund.
-Business Line
The Ministry of Finance today said that one crore taxpayers have been registered under total revenue collections under GST. GST so far till 24th Jan, 2018, and the collections for the month of Dec 2017 was at Rs. 86,703 crores, as on 24th Jan 2018. Further, of the 1 crore taxpayers that have been registered under GST so far till 24th Jan, 2018 17. 11 lakh are Composition Dealers which are required to file returns every quarter.
-Financial Express
Petrol and diesel prices rose to fresh levels in Delhi and other cities in the country on Thursday. Petrol prices in the national capital were at Rs 72.49 per litre- the highest in over three years, data from the Indian Oil Corp showed. The previous record was Rs 72.51 in Aug 2014. Petrol price in Kolkata, Mumbai and Chennai was at Rs 75.19, Rs 80.39 and Rs 75.18 per litre respectively -- all 3-year highs.
-Economic Times
sGold prices soared R 350 to trade at over 14-month high of Rs 31,450 per 10 gram, tracking a firm trend overseas amid pick-up in buying by local jewellers. Silver regained the Rs 41,000-mark by jumping Rs 1,100 on increased offtake by industrial units and coin makers.
-Business Line
PSU bank stocks fell up to 7% on profit-booking a day after the government said it will infuse Rs 88,139 crore capital in 20 PSBs before March 31. Shares of Punjab National Bank tanked 7.07%, Syndicate Bank 6.92%, Bank of Baroda 6.09%, SBI 4.96% and Oriental Bank of Commerce 4.83% on BSE. SBI was the worst hit among the 30-Sensex constituents. Allahabad Bank fell 3.76%, Bank of Maharashtra 2.36%, Bank of India 2%, United Bank of India 1.11%, Central Bank of India 1%, Indian Overseas Bank 0.85% and Dena Bank 0.19%.
-Moneycontrol.com
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